Mr. Spitznagel, one of the more experienced doomsday managers,
derides those who have jumped into the game recently. It takes a
special kind of person to manage these kinds of investments, he says -
people capable of slowly taking losses, without losing their composure.

"It takes someone that's a little bit nuts," he said. "I'll do a
trade, then say 'This is the best trade I've ever done in my career, but
I'm quite sure I'm going to lose money on it.' "

"I understand my payoff and I understand these are very small losses relative to what I know I'm going to make eventually."

YFIC,

Randy

PS - I read an end Times book a few years back (forgot the title)
about a guy who made HUGE market bets to the DOWN SIDE....like this
guy. And when the market go hammered (after the Rapture) he made ALOT
of money. Same thing this guy is doing..... LOL